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LG Chem to invest $794 mln in new car battery plant

Tue Jun 9, 2009 9:54pm EDT

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SEOUL, June 10 (Reuters) - LG Chem, South Korea's largest chemicals maker, said on Wednesday it would invest 1 trillion won ($794.4 million) in a new electric-car battery plant over the next four years despite the financial troubles facing key customer General Motors Corp GM.N.

LG Chem (051910.KS) aims to derive total revenue of 2 trillion won from its battery business in 2015, or a 20 percent share of the projected 10 trillion won global market, it said in a statement.

LG Chem also reiterated that it was on track to supply lithium-ion batteries for GM's Volt and was confident that the all-electric car would be launched in late 2010 as planned despite GM's financial troubles.

The new battery plant, will be set up in Ochang, south of Seoul. (Reporting by Angela Moon; Editing by Jonathan Hopfner)



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